MVEC’s Annual Meeting

Press Release

Link to Annual Meeting video

Link to Department Report video

Minutes of the 87th Annual Meeting
Minnesota Valley Electric Cooperative

7 p.m. Tuesday, April 9, 2023, at Jordan High School in Jordan, MN

 Board President Erickson welcomed everyone to the 87th Annual Meeting of Minnesota Valley Electric Cooperative (MVEC). President Erickson led the Pledge of Allegiance and then recognized the efforts of military, law enforcement, firefighters, paramedics, and other public servants in the audience.

MVEC’s Values were read by Director Liz Krocak. President Erickson introduced MVEC’s Operation Round Up Trust Board Members: Diana Brenke, Dwayne Glenn, Paul Jacobus, Mary Krentz, Connie Meeker, John Miller, Jamie Paget, Dick Peterson, and Jeanne Zwart. Director Brenke presented a grant of $1,000.00 to Jeff Heine of the Belle Plaine Robotics Team. President Erickson then introduced the Board of Directors: Jim Connelly, Deb Erickson, Kevin Gibbs, Gary Haberman, Liz Krocak, Brent Lawrence, Mike Lins, and Tom Wolf.  Director Michelle Morrison was absent. Also introduced were Director Candidates for District I: Wolf and Lins, along with Kirt Briggs from Prior Lake and Andrew Zirbel from Savage, from District II: Lawrence and Greg Boe from Chanhassen, and from District III: Gibbs and Julie Bifano from Montgomery. Attorney Marc Sugden, Chief Executive Officer Marvin Denzer and Vice President of Finance Randy Erdman were also introduced as the evening’s presenters.

President Erickson called the meeting to order and announced a quorum was present; proof of publication was confirmed. 2023 Minutes were approved by the membership as printed.

Chief Executive Officer Denzer spoke of decisions made on the state and federal level that will affect electric cooperatives in the future.  CEO Denzer also stated the cooperative is positioned well and will maintain a balanced approach by continuing to invest in safety and reliability, while ensuring rates stay competitive. Questions from the membership included: MVEC considering a “Pay as You Save” program and what is MVEC doing for renewable energy standards.

Vice President of Finance Randy Erdman reviewed 2023 audited financials. Erdman highlighted the cooperative’s 2023 Balance Sheet and Income Statement reporting that member equity grew by 4.9% raising the membership’s total equity to more than $85 million.  In addition, MVEC yearly expenses decreased by 3% helping rate stabilization.  The Cooperative also paid out $1.39 million in Capital Credits last year. President Erickson asked if there were any questions regarding the financial report. Hearing none, Erickson asked for and received a motion and second to accept the report as presented; motion carried.

President Erickson asked for Unfinished Business; there was none.

President Erickson asked for New Business; there was none.

MVEC awarded $1,500 scholarships to fifteen high school seniors – five from each of the three districts and then conducted a drawing for three “at large” scholarships to high school students in attendance. The Youth Tour representative was also introduced. Five $100 bill credits were also drawn among registered members.

Attorney Marc Sugden read the results for the Director Elections, noting 4,092 ballots were received:

• District 1 – 3-year term/2-year term
  • Kirt Briggs – 328 votes
  • Mike Lins – 590 votes (3-year term)
  • Tom Wolf – 525 votes (2-year term)
  • Andrew Zirbel – 359 votes

• District 2 – 3-year term
  • Greg Boe – 576 votes
  • Brent Lawrence – 711 votes
• District 3 – 3-year term
  • Julie Bifano – 756 votes
  • Kevin Gibbs – 1,019 votes

President Erickson thanked employees, fellow directors, candidates, and the membership for making this a successful meeting.

President Erickson asked for and received a motion and second to adjourn, which was approved by the membership.

MVEC awarded 18 $1,500 scholarships to graduating high school seniors. 

Three At-Large Scholarships                                      Basin Electric

Porter Knowles                                                                     Nadia Rylance
Henry Pedersen
Lauren Zanto